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Lead Analyst, Drewry Maritime Financial Research

Victoria Saraglis

Lead Analyst

Maritime Sector, Equity & Credit Research

Drewry Maritime Financial Research

With no ties to other players in the shipping, finance or banking world, we provide a uniquely impartial view of the markets and companies we cover. Our parent organization, Drewry is a leading independent provider of research services to the maritime and shipping industry, employing over 100 professionals across an international network of offices in London, Delhi, Singapore and Shanghai. Combining our market-leading resources with seasoned sector expertise DFRS offers a highly differentiated and comprehensive range of investment and financial research services to lenders and prospective investors in publicly listed maritime and shipping companies. The full service of reports, supporting resources and sector orientated webinars provides our clients with the most complete picture of the organisations under coverage as is possible. We have been charting and analysing the world’s maritime markets for more than 40 years. This unrivalled intelligence and understanding provides the foundation of our research service. Our analysts have access to one of the most up-to-date, comprehensive and reliable sources of market insight and research data available today. We look at globally listed companies within the following sectors: Port Operators, Container Shipping, Container Manufacturing & Leasing, LNG Shipping, Dry Bulk Shipping and Tanker Shipping. Combine in-depth sector expertise with financial analysis focusing on over 50 stocks globally.

Equity Bottom-Up

<p><strong>Operating revenue continues to expand slightly despite low rates; increasing expenses create drag:</strong> Navigator Holdings reported operating revenue of USD 77.8m in the first quarter of 2018, marginally higher than the USD 77.3m of operating revenue reported in the first quarter of 2017. The increase in revenue was marginal even though the company increased its weighted average fleet from 34.6 in the first quarter of 2017 to 38 vessels. Additionally, the company crossed the fourth quarter of 2017…</p>

Operating revenue continues to expand slightly despite low rates; increasing expenses create drag: Navigator Holdings reported operating revenue of USD 77.8m in the first quarter of 2018, marginally higher than the USD 77.3m of operating revenue reported in the first quarter of 2017. The increase in revenue was marginal even though the company increased its weighted average fleet from 34.6 in the first quarter of 2017 to 38 vessels. Additionally, the company crossed the fourth quarter of 2017…

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